Instagram model made a fortune selling an NFT collection of her photos

by in Cryptocurrency News

Irene Zhao

Popular Instagram model Irene Zhao recently launched a special Decentralized Autonomous Organization (DAO) called IreneDAO, as well as a collection of native tokens, which caused a flurry of discussion in the NFT space.

Related: Indonesian student sells his selfies by turning them into NFTs

IreneDAO was launched on the weekend, but in two days the popularity of the newly minted project gained rapid momentum. The NFT collection has become a kind of pass to the DAO. To date, the price of one position has reached 1.25 ETH (over $4,000).

Initially, it was a collection of stickers with photos of the 28-year-old model in various poses, which had text overlays related to crypto. Later, the idea came to tokenize stickers, so 1107 NFTs were created as free passes to the community. But due to the huge demand, the price increased accordingly, which at the beginning was purely symbolic.

IreneDAO has become a hot topic in the crypto world. Some users are confident that in the future, NFTs and DAOs will allow fans to get closer to their idols. Mike Novogratz, by the way, the CEO of Galaxy Digital, noted on his Twitter that he had joined the IreneDAO team.

“I admire this woman who managed to create her brand. The NFT idea brings community members together. I love the fuss, ”the currency millionaire emphasized.

It is worth noting that IreneDAO is more like a fan club of the model, in which everyone can express their idea regarding her collectibles.

It should be emphasized that most of the users of the digital industry reacted negatively to this startup, considering the collection to be disposable and not having any long-term perspective. Terraform Labs co-founder Do Kwon and well-known blockchain developer Daniele Sestragalli criticized the same plan.